Extended consolidated quarterly report of the ENEA S.A. Group for the fourth quarter of 2008

Transcription

1 Extended consolidated quarterly report of the ENEA S.A. Group for the fourth quarter of 2008 Poznań, 2 March 2009

2 Contents of the extended consolidated quaterly report 1. Selected consolidated financial information for the fourth quarter of Condensed interim consolidated financial statements of the ENEA S.A. Group 4 for the fourth quarter of Selected stand-alone financial information for the fourth quarter of Condensed interim stand-alone financial statements of the ENEA S.A. for the fourth quarter of Additional information to the extended consolidated quarterly report 77 2

3 Extended consolidated quarterly report for the fourth quarter of 2008 Selected consolidated financial information in thousands of PLN in thousands of EUR 12 months ended months ended months ended months ended Net revenues Operating profit/loss Profit/ loss before taxation Net profit/loss for the reporting period Net cash generated from operating activities Net cash generated from investing activities ( ) ( ) Net cash generated from financing activities ( ) (77 926) Net total cash flow Weighted average number of ordinary shares Net profit per share (in PLN per share) Diluted profit per share (in PLN/EUR per share) As at As at As at As at Total assets Liabilities and provisions for liabilities Non-current liabilities Current liabilities Equity Ordinary shares Net book value per share (in PLN/EUR) Diluted net book value per share (in PLN/EUR) The above financial information for the fourth quarter of 2008 and 2007 was translated into EUR according to the following rules: - balance sheet items were translated using the average NBP exchange rate as at 31 December PLN/EUR (as at December PLN/EUR) - income statement and cash flow statement items were translated into EUR using the exchange rate being an arithmetic average of the average NBP exchange rates for the last day of each month of a reporting period from 1 January to 31 December PLN/EUR ( for the period from 1 January to 31 December PLN/EUR). 3

4 Condensed interim consolidated financial statements of the ENEA S.A. Group for the fourth quarter of 2008 Poznań, 2 March 2009

5 Condensed interim consolidated financial statements for the fourth quarter of 2008 These condensed interim consolidated financial stements were not audited. Contents of the condensed interim consolidated financial statements Consolidated balance sheet... 7 Consolidated income statement... 9 Consolidated statement of changes in equity Consolidated cash flow statement General information on ENEA S.A. and the ENEA S.A. Group Conformity statement Description of significant accounting policies New accounting standards and interpretations Critical accounting estimates and judgments Group structure list of subsidiaries, associates and joint venture Segmental information Tangible fixed assets Intangible assets Investment property Investments in associates Allowances for trade and other receivables Inventory Restricted cash and cash equivalents Accounting for acquisitions of new subsidiaries and associated companies Share capital Share based payments reserve and liabilities due to cash settled share based payments Borrowings Deferred income from subsidies and connections fee Deferred income tax Certificates of origin Provisions for liabilities and other charges Dividend Transactions with related parties Long-term contracts on the sale of electric energy (KDT) Commitments due to binding contracts as at the balance sheet date Information concerning the seasonal and cyclical nature of the Group s activities Contingent liabilities and contingent assets, court, arbitration and administrative proceedings Granted by the Company and subsidiaries, bank loans and borrowings guarantees Pending common court cases Arbitration proceedings Proceedings pending before public administration authorities Risk related to the legal status of property used by the Group Risk related to the participation in costs of usage of land owned by State Forests for the purpose of power grids Losses resulting from weather conditions Launch of negotiations regarding the acquisition of Zespół Elektrowni Pątnów-Adamów-Konin S.A Changes in excise tax Subsequent events

6 Condensed interim consolidated financial statements for the fourth quarter of 2008 These condensed interim consolidated financial stements were not audited. These condensed interim consolidated financial statements were prepared according to the International Financial Reporting Standard IAS 34 Interim Financial Reporting, which was approved by the European Union and which was adopted by the Management Board of ENEA S.A. Members of the Management Board President of the Management Board Paweł Mortas Member of the Management Board Marek Hermach Member of the Management Board Czesław Koltermann Member of the Management Board Sławomir Jankiewicz Member of the Management Board Piotr Koczorowski Member of the Management Board Marek Malinowski Poznań, 2 March

7 Condensed interim consolidated financial statements for the fourth quarter of 2008 These condensed interim consolidated financial stements were not audited. Consolidated balance sheet As at ASSETS Non-current assets Tangible fixed assets Perpetual usufruct right Intangible assets Investment properties Investments in associates accounted for using the equity method Available-for-sale financial assets Financial assets at fair value through profit or loss Trade and other receivables Current assets Inventories Trade and other receivables Current income tax assets Available-for-sale financial assets Held-to-maturity investments Cash and cash equivalents TOTAL ASSETS The consolidated balance sheet should be read together with explanatory notes which are an integral part of the condensed interim consolidated financial statements 7

8 Condensed interim consolidated financial statements for the fourth quarter of 2008 These condensed interim consolidated financial stements were not audited. As at LIABILITIES Equity Equity attributable to equity holders of the Parent Company Ordinary shares Treasury shares (17 396) - Share premium Share based payments reserve Financial instruments revaluation reserve (1 099) - Other reserves (28 226) - Retained earnings Minority interest in equity Total equity Liabilities Non-current liabilities Borrowings Trade and other payables Finance lease liabilities Deferred income from subsidies and connections' fee Deferred tax liabilities Employee benefits Provisions for other liabilities and charges Current liabilities Borrowings Trade and other payables Finance lease liabilities Deferred income from subsidies and connections' fee Current tax liabilities Employee benefits Liabilities due to cash settled share based payments Provision for certificates of origin Provisions for other liabilities and charges Total liabilities TOTAL EQUITY AND LIABILITIES The consolidated balance sheet should be read together with explanatory notes which are an integral part of the condensed interim consolidated financial statements 8

9 Condensed interim consolidated financial statements for the fourth quarter of 2008 These condensed interim consolidated financial stements were not audited. Consolidated income statement 12 months 3 months 12 months 3 months ended ended ended ended Revenues Excise tax ( ) (49 491) (63 115) (63 115) Net revenues Other operating income Amortization and depreciation ( ) ( ) ( ) ( ) Employee benefits ( ) ( ) ( ) ( ) Consumption of raw materials and cost of merchandise sold ( ) ( ) ( ) ( ) Cost of energy sold ( ) ( ) ( ) ( ) Transmission services ( ) ( ) ( ) ( ) Other external services ( ) ( ) ( ) (74 558) Taxes and charges ( ) (40 515) ( ) (33 048) Profit/(Loss) on sales and liquidation of tangible fixed assets (9 340) (5 265) (7 149) (7 296) Other operating expenses ( ) (26 556) (73 280) (25 360) Operating profit Financial costs (61 797) (35 019) (12 387) (5 260) Financial income Share of profits/(loses) of equity accounted investees 414 (107) Profit before tax Income tax (71 813) (18 752) (579) Net profit for the reporting period attributable to: Equity holders of the Parent Company Minority interest (101) Net profit attributable to shareholders of Parent Company Weighted average number of ordinary shares Net profit per share (in PLN per share) Diluted profit per share (in PLN per share) The consolidated income statement should be read together with explanatory notes which are an integral part of the condensed interim consolidated finanial statements 9

10 Condensed interim consolidated financial statements for the fourth quarter of 2008 These condensed interim consolidated financial stements were not audited. Consolidated statement of changes in equity Share capital (nominal value) Revaluation of share capital Total share capital Treasury shares Share based payments reserve Share premium Financial instruments revaltuation reserve Other Retained earnings Equity attributable to the minority interest Total equity As at Net profit for the reporting period Revaluation of available-for-sale financial assets (1 099) (1 099) Sale of available-for-sale financial assets (1 552) (1 552) Total recognized income and losses for the period Dividends Redemption of shares Conversion of cash equivalents into shares Change in fair value of share based payments program Increase in share capital Treasury shares acquired under stabilization option Acquisition of subsidiaries Other (1 099) ( ) (269) ( ) (10 594) (10 594) (17 396) (17 396) (28 226) (5 033) (49) (5 082) As at (17 396) (1 099) (28 226) The consolidated statement of changes in equity should be read together with explanatory notes which are an integral part of the condensed interim consolidated finanial statements 10

11 Condensed interim consolidated financial statements for the fourth quarter of 2008 These condensed interim consolidated financial stements were not audited. Share capital (nominal value) Revaluation of share capital Total share capital Share premium Share based payments reserve Financial instruments revaltuation reserve Retained earnings Equity attributable to the minority interest Total equity As at Sale of available-for-sale financial assets Net profit for the reporting period Total recognized income and losses for the period Increase in share capital Change of ownership Dividends (2 195) (2 195) (45 435) (805) (46 240) As at The consolidated statement of changes in equity should be read together with explanatory notes which are an integral part of the condensed interim consolidated finanial statements 11

12 Condensed interim consolidated financial statements for the fourth quarter of 2008 These condensed interim consolidated financial stements were not audited. Consolidated cash flow statement 12 months ended months ended Cash flows from operating activities Net profit for the reporting period Adjustments for: Income tax as per income statement ( ) Amortization and depreciation Share based payments expense (Profit)/Loss on sales and liquidation of tangible fixed assets Impairment loss on tangible fixed assets (Profit)/Loss on sales of financial assets (1 469) (1 683) Interest income (89 784) (43 963) Dividend income (478) - Interest expense Share in (profit)/losses of equity accounted investees (414) (147) Exchange gains on borrowings (1 497) Other adjustments (494) Income tax paid ( ) ( ) Interest received Interest paid (16 515) (9 261) Changes in working capital Inventories ( ) (2 811) Trade and other receivables (68 771) Trade and other payables (8 921) Employee benefits Deferred income from subsidies and connections' fee Provision for certificates of origin Liabilities due to cash settled share based payments ( ) Provisions for other liabilities and charges Net cash generated from operating activities Cash flows from investing activities Acquisition of tangible and intangible fixed assets ( ) ( ) Proceeds from sales of tangible fixed assets Acquisition of financial assets (49 444) - Proceeds from sales of financial assets Purchase of subordinated company ( ) Dividends received Other outflows (811) (96) Net cash generated from investing activities ( ) Cash flows from financing activities Proceeds from borrowings Repayment of borrowings (67 859) ( ) Dividends paid to the Parent Company s shareholders ( ) (39 828) Outflows related to financial lease liabilities (2 339) (1 378) Net inflows from issue of shares Treasury shares under stabilization option (17 396) Other changes (1 036) (249) Net cash generated from financing activities ( ) Net increase/ (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period The consolidated cash flow statement should be read together with explanatory notes which are an integral part of the condensed interim consolidated finanial statements 12

13 Condensed interim consolidated financial statements for the fourth quarter of 2008 These condensed interim consolidated financial stements were not audited. Notes to the condensed interim consolidated financial statements 1. General information on ENEA S.A. and the ENEA S.A. Group Company name: ENEA Spółka Akcyjna Legal form: joint-stock company (spółka akcyjna) Country of jurisdiction: The Republic of Poland Seat: Poznań Address: ul. Nowowiejskiego 11, Poznań National Court Register District Court in Poznań KRS Telephone number: (+48 61) Fax number: (+48 61) Web site: REGON: NIP: ENEA S.A. Group s ( the Group ) main activities are: - production of electric energy (Elektrownia Kozienice S.A., Elektrownie Wodne Sp. z o.o.), - electricity trading (ENEA S.A.), - distribution of electric energy (ENEA Operator Sp. z o.o.). As at 31 December 2008 the shareholder structure of the Parent Company is as follows (taking into consideration the increase in share capital which resulted from the initial public offer, registered on 13 January 2009): the State Tresury of the Republic of Poland 76.48% of shares, Vattenfall AB 18.67%, ENEA S.A. 0.26% (shares bought during a stabilization option), other shareholders 4.59%. As at 31 December 2008 the Group comprised of the Parent Company ENEA S.A. ( the Parent Company, the Company ), 25 subsidiaries, 3 associated companies and 1 joint venture. The condensed interim consolidated financial statements were prepared under the assumption of going concern in a forseable future. There are no circumstances indicating that the going concern of the Company is threatened. 2. Conformity statement The condensed interim consolidated financial statements were prepared in accordance with the International Financial Reporting Standard adopted by the European Union ( IFRS EU ) IAS 34 Interim Financial Reporting and was approved by the Management Board of ENEA S.A. Notes presented on pages are an integral part of the condensed interim consolidated financial statements 13

14 Condensed interim consolidated financial statements for the fourth quarter of 2008 These condensed interim consolidated financial stements were not audited. The Management Board of the Parent Company has used its best knowledge as to the application of standards and interpretations as well as valuation methods and principles applicable to the individual items of the condensed interim consolidated financial statements of the ENEA S.A. Group in accordance with IFRS EU as at 31 December The statements and related notes were prepared with due care. These condensed interim consolidated financial statements were not audited. 3. Description of significant accounting policies These condensed interim consolidated financial statements were prepared in accordance with accounting policies consistent with those applied during the preparation of the annual consolidated financial statements for the period ended 31 December 2007 except for changes of standards and interpretations approved by the European Union, which apply to the annual periods starting after 1 January Accounting polices applied by the Group were presented in the consolidated financial statements of ENEA S.A. Group as at and for the six month period ended 30 June The reporting and measurement currency of these condensed interim consolidated financial statements is the Polish zloty. The data presented in the condensed interim consolidated financial statements are presented in PLN thousand unless otherwise stated. These condensed interim consolidated financial statements should be read together with the consolidated financial statements of ENEA S.A. Group as at and for the six month period ended 30 June New accounting standards and interpretations For annual periods, which start after 1 January 2008 or subsequent periods new standards approved by the European Union are applicable. The Group has not exercised its right to an earlier application of these Standards: Revised IFRS 2 - Share-based payments The Group has not yet completed the analysis of the impact of the revised standard on the consolidated financial statements of the Group. IFRS 8 - Operating Segments The Group does not expect the standard to have a significant impact on the presentation and information disclosure on operating segments in the consolidated financial statements. Revised IAS 1 Presentation of Financial Statements The Group has not yet completed the analysis of the impact of the revised standard on the consolidated financial statements of the Group. Notes presented on pages are an integral part of the condensed interim consolidated financial statements 14

15 Condensed interim consolidated financial statements for the fourth quarter of 2008 These condensed interim consolidated financial stements were not audited. Revised IAS 23 Borrowing Costs The Group has not yet completed the analysis of the impact of the revised standard on the consolidated financial statements of the Group. Revised IAS 32 Financial Instrument Presentation and IAS 1 Presentation of Financial Statements The Group has not yet completed the analysis of the impact of the revised standard on the consolidated financial statements of the Company. Improvements to International Financial Reporting Standards 2008 The Group has not yet completed its analysis of the impact of these improvements. IFRIC 13 Loyalty Programmes The Group does not expect the interpretation to have any impact on the consolidated financial statements. For reporting periods starting after 1 January 2008 or subsequent periods there are certain standards and interpretations which still await the approval of the European Union. Revised IAS 27 Consolidated and Separate Financial Statements The Group has not yet completed the analysis of the impact of the revised standard on the consolidated financial statements of the Group. Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards This change does not have an impact on the financial statements of the Group. Amendments to IFRS 3 Business combinations The Group has not yet completed the analysis of the impact of the revised standard on the consolidated financial statements of the Group. Amendments to IFRS 1 and IAS 27: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate The Group has not yet completed its analysis of the impact of the amendments on the consolidated financial statements of the Group. Revised IAS 39 Financial Instruments: Recognition and Measurement The Group has not yet completed its analysis of the impact of the amendments on the consolidated financial statements of the Group. Notes presented on pages are an integral part of the condensed interim consolidated financial statements 15

16 Condensed interim consolidated financial statements for the fourth quarter of 2008 These condensed interim consolidated financial stements were not audited. IFRIC 15 - Agreements for the Construction of Real Estate IFRIC 15 is not relevant to the Group s operations as the Group has not provided services of the construction of real estate. IFRIC 16 - Hedges of a Net Investment in a Foreign Operation IFRIC 16 is not relevant to the Group s operations as the Group does not own any shares in foreign entities. IFRIC 17 - Distrubutions of Non cash Assets to Owners Because of the fact, that the interpretation is applied to the future periods it will not have an impact on the financial statements for periods before its first application. Moreover because the interpretation relates to future dividend payments, which are subject to the decision of the Management Board/ General Meeting of Shareholders it is not possible to assess in advance its influence on the financial statements. IFRIC 18 Assets Received from Customers The Group has not yet completed the analysis of the impact of the revised standard on the consolidated financial statementsof the Group. 5. Critical accounting estimates and judgments The preparation of condensed interim consolidated financial statements in conformity with IFRS EU requires the Management to make judgments, estimates and assumptions that affect the application of adopted accounting policies and the reported amounts in the condensed interim consolidated financial statements and notes thereto. Accounting estimates and judgments are based on the best knowledge of the Management in relation to the present and future events and activities. Actual results, however, may differ from these estimates. 6. Group structure list of subsidiaries, associates and joint venture No. Entity s name and address ENERGOMIAR Sp. z o.o. Poznań, ul Strzeszyńska 58 BHU S.A. Poznań, ul. Strzeszyńska 58 Energetyka Poznańska Biuro Usług Technicznych S.A. Poznań, ul. Strzeszyńska 58 Energetyka Poznańska Hotel EDISON Sp. z o.o. Baranowo k/poznania Energetyka Wysokich i NajwyŜszych Napięć EWiNN Sp. z o.o. Poznań, ul. Strzeszyńska 58 Energetyka Poznańska Zakład Transportu Sp. z o.o. Poznań, ul. Strzeszyńska 58 COGEN Sp. z o.o. Poznań, ul. Nowowiejskiego 11 Share of ENEA S.A. in the total votes in % Share of ENEA S.A. in the total votes in % Notes presented on pages are an integral part of the condensed interim consolidated financial statements 16

17 Condensed interim consolidated financial statements for the fourth quarter of 2008 These condensed interim consolidated financial stements were not audited EnergoPartner Sp. z o.o. Poznań, ul. Warszawska 43 Energetyka Poznańska Przedsiębiorstwo Usług Energetycznych Energobud Leszno Sp. z o.o. Lipno, Gronówko 30 Energetyka Poznańska Zakład Obsługi Socjalnej ENERGO-TOUR Sp. z o.o. Poznań, ul. Marcinkowskiego 27 ENEOS Sp. z o.o. Szczecin, ul. Ku Słońcu 34 ENTUR Sp. z o.o. Szczecin, ul. Malczewskiego 5/7 Niepubliczny Zakład Opieki Zdrowotnej Centrum Rehabilitacyjno Wczasowe ENERGETYK Sp. z o.o. Inowrocław, ul. Wilkońskiego 2 STEREN Sp. z o.o. Bydgoszcz, ul. Lenartowicza Elektrownie Wodne Sp. z o.o. SamociąŜek, Koronowo Zakład Usług Przewozowych ENERGOTRANS Sp. z o.o. Gorzów Wlkp., ul. Energetyków 4 Zakład Usług Motoryzacyjnych ENERGOAUTO Sp. z o.o. Gorzów Wlkp., ul. Energetyków 4 IGG Zachód Sp. z o.o. w likwidacji (in liquidation) Zielona Góra, ul. Zacisze 15 PWE Gubin Sp. z o.o. Sękowice 100 gm. Gubin Przedsiębiorstwo Energetyki Cieplnej Sp. z o.o. w Obornikach Oborniki, ul. Wybudowanie 56 Zakład Usług Teleinformatycznych ZZE S.A. IT Serwis Sp. z o.o. Zielona Góra, ul. Zacisze 28 Zakład Handlowo Usługowy Auto Styl Zielonogórskich Zakładów Energetycznych S.A. Sp. z o.o. Zielona Góra, ul. Zacisze 15 FINEA Sp. z o.o. Poznań, ul.warszawska 43 Przedsiębiorstwo Energetyki Cieplnej Gozdnica Sp. z o.o. Gozdnica, ul. Świerczewskiego 30 ENEA Operator Sp. z o.o. Poznań, ul. Strzeszyńska 58 Elektrownia Kozienice S.A. ŚwierŜe Górne, gmina Kozienice, Kozienice 1 Miejska Energetyka Cieplna Sp. z o.o. w Pile Piła, ul. Kaczorska 20 Kozienice II Sp. z o.o. ŚwierŜe Górne, gmina Kozienice, Kozienice 2 Przedsiębiorstwo Produkcji Strunobetonowych śerdzi Wirowanych WIRBET S.A. Ostrów Wlkp., ul. Chłapowskiego 51 Przedsiębiorstwo Energetyki Cieplnej w Śremie S.A. Śrem, ul. Staszica 6 Elektrociepłownia Białystok S.A. Białystok, ul. Gen. Andersa Notes presented on pages are an integral part of the condensed interim consolidated financial statements 17

18 Condensed interim consolidated financial statements for the fourth quarter of 2008 These condensed interim consolidated financial stements were not audited. Changes in the Group s structure occurred in the reporting period presented in the condensed interim consolidated financial statements On 8 August 2008 ENEA S.A. and Elektrownia Kozienice S.A. signed an agreement on the establishment of a new company - Kozienice II Sp. z o.o. seated in ŚwierŜe Górne. According to the agreement 30 % of shares were acquired by ENEA S.A. and 70% by Elektrownia Kozienice S.A. The company was established to build a new power unit. The company was established for a definite period. The agreement will expire after all activities related to realisation of the project are finished. Kozienice II Sp. z o.o. was registered in the National Court Register on 7 October 2008 under the number KRS On 8 September 2008 ENEA S.A. and Kopalnia Węgla Brunatnego KONIN w Kleczewie S.A. ( KWB Konin ) formed a new company PWE Gubin Sp. z o.o. The main activity of the new company is mining of brown coal. The newly created company is a joint venture, in which ENEA and KWB Konin obtained 50% of shares each. The company was registered in the National Court Register on 13 November 2008 under the number KRS On 6 October 2008 the Extraordinary Shareholders Meeting of two subsidiaries of ENEA S.A. i.e. Zakład Usług Przewozowych Energotrans Sp. z o.o. ( Energotrans ) and Zakład Usług Motoryzacyjnych Energoauto Sp. z o.o. ( Energoauto ) adopted a resolution on the merger of these two companies by transfer of net assets of Energoauto to Energotrans. The business combination was registered in the National Court Register on 31 October On 3 December 2008 the Extraordinary Shareholders Meeting of Finea Sp.z o.o. by force of Resolution No. 1 increased the share capital of the company by PLN i.e. to the amount of PLN All new shares were covered by the sole shareholder ENEA S.A. They were covered by contribution - a part of liabilities due to ENEA S.A. On 3 December 2008 ENEA S.A. acquired 100 ordinary registered shares of BHU S.A. from EP Biuro Usług Technicznych S.A. and 100 ordinary registered shares of BHU S.A. from EP Zakład Transportu Sp. z o.o. ENEA S.A. holds currently shares of BHU S.A. of a value of PLN 100 each - this comprises 87.97% of the share capital. On 22 December 2008 ENEA S.A. acquired 100 shares of COGEN Sp. z o.o. from Baltic Sustainable Technology B.V. and thus ENEA S.A. became the sole shareholder. On 11 December 2008 ENEA S.A. acquired from the Commune of Oborniki shares of Przedsiębiorstwo Energetyki Cieplnej Sp. z o.o. seated in Oborniki of a nominal value PLN 500 each for the total amount of PLN 11,628 thousand. These shares constitute 87.99% of the share capital of the company. Notes presented on pages are an integral part of the condensed interim consolidated financial statements 18

19 Condensed interim consolidated financial statements for the fourth quarter of 2008 These condensed interim consolidated financial stements were not audited. On 29 December 2008 ENEA S.A. acquired from the Commune of Piła shares of Miejska Energetyka Cieplna Sp. z o.o. seated in Piła of a nominal value PLN each for the total amount of PLN 48,650 thousand. These shares constitute % of the share capital of the company. On 18 December 2008 ENEA S.A. acquired from the State Tresury of the Republic of Poland A series ordinary registered shares of Przedsiębiorstwo Energetyki Cieplnej w Śremie S.A. seated in Śrem of a nominal value of PLN each for the total amount of PLN 9,055 thousand. These shares constitute 41.65% of the share capital of the company. On 30 December 2008 ENEA S.A. acquired from the State Tresury of the Republic of Poland A series ordinary registered shares of Elektrociepłownia Białystok S.A. seated in Białystok for the total amount of PLN thousand. These shares constitute % of the share capital of the company. On 16 October 2008 IGG Zachód Sp. z o.o. w likwidacji (in liquidation) was removed from the court register. Notes presented on pages are an integral part of the condensed interim consolidated financial statements 19

20 Condensed interim consolidated financial statements for the fourth quarter of 2008 These condensed interim consolidated financial stements were not audited. 7. Segmental information Segment results for the period from to are as follows: Trade Distribution Production Other activities Eliminations Group Net revenues Net inter-segment revenues ( ) - Total net revenues ( ) Total costs* ( ) ( ) ( ) ( ) ( ) Segment result (13 511) Unallocated costs of the Group (administration and general expenses) ( ) Operating profit Financial costs (61 797) Financial income Net share in profits/(losses) of associates 414 Income tax (71 813) Net profit Minority interest 6 Segment results for the period from to are as follows: Trade Distribution Production Other activities Eliminations Group Net revenues Net inter-segment revenues ( ) - Total net revenues ( ) Total costs* ( ) ( ) ( ) ( ) ( ) Segment result (17 143) (3 777) Unallocated costs of the Group (administration and general expenses) (15 637) Operating profit Financial costs (35 019) Financial income Net share in profits/(losses) of associates (107) Income tax (18 752) Net profit Minority interest 55 * - including other operating income and expenses Notes presented on pages are an integral part of the condensed interim consolidated financial statements 20